Northern Trust completes acquisition

Northern Trust has announced the closing of its acquisition of UBS Asset Management’s fund administration units in Luxembourg and Switzerland.

According to the company, the acquisition will position it as a leading administrator by assets in Switzerland  and a top 10 asset servicing provider in Luxembourg.

Northern Trust’s president, Europe, Middle East and Africa region, Teresa Parker, said: “ We are pleased to announce the completion of our acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.

“The acquisition is a cornerstone of our strategic expansion plan for continental Europe and represents a significant opportunity to broaden our scale, capabilities, products and market reach across Europe, enabling us to further enhance our services to existing and future clients and strengthening our position as a leader in the region.”

Northern Trust, which opened its office in Luxembourg in 2004, first announced its intention to acquire the UBS fund administration servicing units in February, 2017.